"The game changer has been Canada and the U.S. unleashing their crude resources," said Dan McTeague, senior petroleum analyst with gasbuddy.com. "There is now a global surplus of two million barrels a day."

Pair that with vehicles that are much more efficient, leaving demand for gasoline and diesel fuel static, at about 75 billion litres per year.

With an average price of $1.13 already, consumers are saving about $20 per week compared to the summer, McTeague said.

Even lower prices depend on what the Organization of the Petroleum Exporting Countries (OPEC) decides on possible production quotas this week.

A drastic cut in production could send prices at the pumps back upwards. But if there is little or no change in production, as McTeague expects, we can expect a further price drop of 3-4 cents per litre.

Every little bit helps Bruno Campagiorni of Niagara Falls, Ont., who has three vehicles in his family and spends at least $100 a week on gas.

"It's nice to get this kind of a break in the winter," he said filling up Wednesday. "When gas was at $1.35 you had to think twice before going anywhere."

And because demand remains low in the winter months, prices aren't expected to bounce back until March.